News : Superannuation

Documentation, Superannuation

ATO ruling has hidden influence impact

SMSFs influence

The level of influence exerted by different parties within a 50/50 unit trust structure may come under greater examination following a recent ATO ruling.

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Accounting, Financial Planning, Superannuation

Drop exam, licence for limited super advice

accountants limited superannuation advice

More people could receive assistance if accountants were not subject to licensing or adviser exams in order to provide limited super advice, an industry body has said.

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Superannuation

NCCC breaches most serious

Non-concessional contributions cap breaches

A specialist SMSF practitioner has warned breaches of the non-concessional contributions cap can lead to significant financial punishment and should be taken most seriously.

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Insurance, Superannuation

Tax benefit no risk cover reason

life insurance SMSF

A technical mentor has warned against using tax deductions and cash-flow convenience as justification to hold insurance cover within an SMSF.

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ATO, Superannuation

SMSF numbers climb again

SMSF numbers

The SMSF sector has continued to grow through the COVID-19 pandemic, recording new highs for the number of SMSFs and fund members.

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Superannuation

SMSF satisfaction grows as pandemic eases

SMSF satisfaction

A wide ranging consumer survey has found increasing levels of satisfaction with superannuation with SMSFs ahead of industry and retail funds.

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Regulation, Superannuation

Status hit for member increases

SMSFs six members

SMSFs looking to expand to six members need to be aware the addition of new trustees will take the fund offline for as long as the ATO takes to vet the new additions.

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Documentation, Superannuation

Expense duty will impact SMSFs

best financial interests

An understated budget change may require SMSF trustees to account for every dollar spent by their fund under an expansion of best interest duties.

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Superannuation

YourSuper to affect SMSF advice

YourSuper SMSF advice

A technical manager has warned the YourSuper performance measure to be applied to MySuper finds announced in the 2020 federal budget will have an impact on SMSF advice.

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Administration, Superannuation

SMSF costs below $3000 a year

SMSF costs $3000

A fintech firm has found the running costs of SMSFs can be under $3000 even where investment and brokerage fees are included.

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